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CBO Monthly Budget Review, October 2009

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Monthly Budget Review, October 2009 – Based on the Monthly Treasury Statement for August and the Daily Treasury Statements for September

  • “CBO estimates that the federal budget deficit was about $1.4 trillion in fiscal year 2009, $950 billion greater than the shortfall recorded in 2008. The 2009 deficit was equal to 9.9 percent of gross domestic product (GDP), up from 3.2 percent in 2008, and was the highest shortfall—relative to the size of the economy—since 1945. The substantial increase in the deficit resulted from both declining revenues and increased spending. Revenues in 2009 were almost $420 billion (or 17 percent) below receipts in 2008 and totaled about 15 percent of GDP, the lowest level in over 50 years. At the same time, outlays increased by over $530 billion (or 18 percent) in 2009, to nearly 25 percent of GDP, the highest level in over 50 years. Those estimates are based on data from the Daily Treasury Statements and CBO’s projections; the Treasury Department will report the actual deficit later this month”
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